A recent report was made by Bloomberg News concerning the joint venture of Houston’s Talos Energy LLC, Mexico’s Sierra Oil & Gas, and London’s Premier Oil Plc. On May 21, 2017, these companies started drilling an offshore oil well along the waters of Mexico, according to Premier Oil. This is the first in approximately 80 years of the offshore exploration well besides Petroleos Mexicanos.

Premier Oil also stated that the Zama-1 well, which is located off the state of Tabasco within the Sureste Basin, have approximately 100 million to 500 million crude barrels. According to Charlie Sharp, an analyst of Canaccord Genuity Ltd., for this year’s sector and due to Mexico market’s implication, Zama-1 is one of the most interesting wells being drilled.

It will take up to 90 days to complete the drilling costing $16 million to Premier. These three businesses won rights for this project in 2015 during the first round of the bidding following Mexico’s vote to open to private investment their ailing oil industry. Premier also stated that the well’s operator is Talos in which owns 35% in this venture, Sierra owns 40%, and they owns 25%.

About Talos Energy

Found in 2012, Talos Energy, www.talosenergyllc.com, is an oil and gas organization based in Houston, Texas. They explore and produce offshore hydrocarbons in offshore Mexico and the US Gulf of Mexico.

This company was formed through the partnership of Riverstone Holdings and Apollo Global Management in order to buy assets in the Gulf of Mexico and the Gulf Coast regions with the emphasis on exploitation, asset optimization, and exploration within and around their assets. They are also involved in various business development activities, such as the farm-ins and JVs in which their 10.2 million acres of seismic inventory are utilized to economic optimization.